Economy, Development:BRICS set to grow ahead of Durban Summit

JOHANNESBURG - Ahead of the next Brazil, Russia, India, China and South Africa (BRICS) Summit in Durban South Africa early next year, there are indications that Turkey and Indonesia could join the group.

In Durban, South African President Jacob Zuma is expected to use the occasion to dispel any doubt about his country’s place in the grouping.

Analyst Chris Gilmour of ABSA Investments points out that the country’s growth compared to other BRICS countries is very low.

Amongst the BRICS initiatives that may make some progress in Durban is the concept of a BRICS bank, where members would pool foreign reserves to support a fund for members and for other developing nations. /IPS (END//2012)